I have used a Wacom tablet in that price range as well as a few other brands. Personally I think for the money they are not worth it at all. I do a fair amount of drawing and trying to draw on one of those was very frustrating. I have played with a really more expensive one that was very smooth. I loved it, but it was around $2400. IF you plan on using the Wacom, see if you can by chance test it out first. Also the pen was very odd to use to me. I would highly recommend PhotoShop as well, I use it a lot. But for the price range for software you list, this program is not in the ball park.

Not necessarily, i can buy the Photoshop CS2 (Student Edition) which is no worse than Photshop CS2 it has all the same functions so i've heard. It only costs £99, all i have to do is provide certain credentials/ID to show im a student working at GSCE level ICT and i can then buy it for £99.

definetly test it out first but from my experience Wacom is great. ive tried the intuos 3 which is kinda their better range, but im not using it professionally. i have since reverted back to the wacom graphire as it is good enough for my current needs.
Remember that the tablet also depends on you monitor, if you have a widescreen for example you need a tablet to suit that.
and of course.... photoshop. amazing! but if your in no hurry wont be long till cs3 is out, then cs2 will be lowered in price which is a bonus.